Note 15: Goodwill

Goodwill is recognized when the consideration paid for a business exceeds the fair value of the tangible and identifiable intangible assets acquired. Goodwill is allocated to reporting units for purposes of testing goodwill for impairment. The changes to our executive management team and organization structure (described in Note 1) have not affected our reporting units as the financial information reviewed by segment management to review operating performance remains unchanged. There were no charges for goodwill impairment in the nine month periods ended September 30, 2014 and 2013.

We have four reportable segments organized around our principal product lines: aggregates, concrete, asphalt mix and cement. The changes in the carrying amount of goodwill by reportable segment from December 31, 2013 to September 30, 2014 as summarized below:

GOODWILL



in thousands	Aggregates	Concrete	Asphalt Mix	Cement	Total
Goodwill, Gross Carrying Amount
Total as of December 31, 2013	$ 2,989,888	$ 0	$ 91,633	$ 252,664	$ 3,334,185
Goodwill of acquired businesses 1	13,796	0	0	0	13,796
Total as of September 30, 2014	$ 3,003,684	$ 0	$ 91,633	$ 252,664	$ 3,347,981
Goodwill, Accumulated Impairment Losses 2
Total as of December 31, 2013	$ 0	$ 0	$ 0	$ (252,664)	$ (252,664)
Total as of September 30, 2014	$ 0	$ 0	$ 0	$ (252,664)	$ (252,664)
Goodwill, net of Accumulated Impairment Losses
Total as of December 31, 2013	$ 2,989,888	$ 0	$ 91,633	$ 0	$ 3,081,521
Total as of September 30, 2014	$ 3,003,684	$ 0	$ 91,633	$ 0	$ 3,095,317


1	The goodwill of acquired businesses relates to the 2014 acquisitions as outlined in Note 16.
2	The goodwill for the Cement segment was fully impaired in 2008.

We test goodwill for impairment on an annual basis or more frequently if events or circumstances change in a manner that would more likely than not reduce the fair value of a reporting unit below its carrying value. A decrease in the estimated fair value of one or more of our reporting units could result in the recognition of a material, noncash write-down of goodwill.